Does a $2 Trillion Trade war Matter to Americans?

Click to enlargeFresh off the boat from China

❝ Until recently, President Donald Trump’s waving of the trade-war stick at China and various allies has generally elicited stock-market yawns. But Trump’s new tariffs on Chinese goods today may have been a hot pot of coffee. China fired back with massive tariffs of its own, and Trump has threatened to retaliate for China’s retaliation.

❝ Suddenly the trade wars seem to matter a bit more to stocks; the S&P 500 fell about one percent before recovering at the end of the day. And trade wars matter in some quarters more than others. Qualcomm’s pending merger with NXP Semiconductors NV is suddenly complicated, notes Alex Webb. China’s government is telling big U.S. companies doing business in China to “buckle up” should Trump follow through on his anti-trade vows.

And, yeah, want to buy the latest version of your father’s favorite Buick? The ENVISION SUV is their most popular model in the GOUSA and – courtesy of the Dotard-in-Chief – you can tack another $8,000 onto the price tag.

7 thoughts on “Does a $2 Trillion Trade war Matter to Americans?

  1. Ante Up says:

    “China has struck back at the U.S. with $16 billion in retaliatory tariffs, exactly matching President Donald Trump’s latest escalation in the ongoing international trade war.
    The Chinese Ministry of Commerce declared a 25 percent levy on the U.S. goods, which include coal, crude oil, automobile and motorcycles, and metal scrap.
    The move follows the U.S. Trade Representative’s office publishing its finalized list on $16 billion in Chinese goods, effective August 23. That comes on top of $34 billion in tariffs against China already in effect, bringing the total to $50 billion.
    The White House has also released a list of $200 billion tariffs under consideration, with Trump saying he could go after the entire $500 billion worth of goods the U.S. imports from China annually.”

  2. Lookit! says:

    Ford CEO Jim Hackett on Wednesday told Bloomberg Television that his company faces $1 billion in lost profits from President Donald Trump’s tariffs.
    “The metals tariffs took about $1 billion in profit from us — and the irony is we source most of that in the U.S. today anyways,” Hackett said in the interview. “If it goes on longer, there will be more damage.” (Detroit Free Press 9/26/18)

  3. HAR says:

    “The man running the world’s largest container-shipping company says he has access to data that shows Donald Trump has so far failed to wean the U.S. off Chinese imports.
    Soren Skou, the chief executive of A.P. Moller-Maersk A/S, says Chinese exports to the U.S. actually grew 5-10 percent last quarter. Meanwhile, U.S. exports to China fell by 25-30 percent.
    “It’s an ironic development,” Skou told reporters in Copenhagen on Wednesday. “But after Trump has turned up the volume, the U.S. has only increased their imports from China even more.”
    Maersk transports about a fifth of the world’s seaborne manufactured goods, so the company is in a unique position to gauge changes in global trade flows. Given Maersk’s reliance on free trade, Skou hasn’t shied away from criticizing Trump’s tariffs in the past.”
    See also “Tariffs Likely to Hurt U.S. More Than Rest of World, Maersk CEO Says”

  4. Chump-o-gram says:

    Trump’s description of the China trade deal doesn’t match the official White House version President Donald Trump’s claims about the U.S.-China agreement to pause tariff escalations weren’t corroborated by the White House’s official statement on the matter. Trump’s bold remarks likely reflect the fact that he’s under pressure from American businesses to resolve the trade spat. For the U.S. leader, “it doesn’t matter to him what the details are as long as he looks strong to his supporters,” said Mintaro Oba, a former U.S. State Department official.

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